In a scene reminiscent of 2021’s GameStop mania, a new wave of retail investors is once again shaking up Wall Street by rallying behind fading consumer brands and overlooked stocks — and this time, it could be even more disruptive.

This week saw surprising surges in stocks like Krispy Kreme, GoPro, Wendy’s, and Kohl’s, as individual traders — often coordinating through online platforms — drove up prices in a pattern eerily familiar to the original meme-stock craze of the pandemic era. The movement’s roots remain grounded in Reddit’s r/wallstreetbets, the same forum that helped turn companies like GameStop and AMC into household names for investors.

Jaime Rogozinski, the forum’s founder, says this new cycle may surpass the last in “size, scope, and influence,” as the power of community-driven trading continues to evolve alongside technologies like blockchain and AI. Though removed from the forum by Reddit in 2020 and recently unsuccessful in a lawsuit over trademark rights, Rogozinski continues to be a central voice in the meme-stock conversation.

“Meme stocks are now about redefining what matters in finance,” he said. “We’re witnessing a democratization of market influence, where retail traders are no longer sidelined.”

This week’s market action confirms that sentiment. GoPro shares climbed an impressive 66%, Kohl’s jumped 32%, and Krispy Kreme gained 41%. Even American Eagle Outfitters joined the surge after announcing Euphoria star Sydney Sweeney as the face of its latest campaign, triggering a 10% spike in its stock.

While fundamentals like earnings, cash flow, and debt remain crucial to traditional investors, meme-stock traders often ignore them. Instead, they back brands for emotional, cultural, or ideological reasons — sometimes just because they like the product or enjoy the meme. Rogozinski summed it up: “Some people like the financials. Others just really like chicken tenders.”

Retail investor Noor Al, now a moderator on wallstreetbets, echoed that view, saying the movement is about more than profits. “This is about community and creativity. It’s the people deciding which ideas matter, not just the hedge funds,” he explained.

The movement is as much about mocking the system as it is about making money. Stocks like Wendy’s — long a running joke on Reddit with memes like “Sir, this is a Wendy’s” — are rising simply because the community wills it so. “I don’t even know where the joke started,” Rogozinski said with a laugh. “But it’s part of the fun — and the chaos.”

While many of these rallies are short-lived and often unmoored from actual company performance, they highlight a major shift in investing culture. Traditional institutions may still win over the long term as prices revert to rational valuations, but retail investors have made clear they’re not playing by old rules.

“The volatility shows just how fragile and outdated parts of the financial system are,” Rogozinski said. “And for now, there’s money to be made in that chaos.”

Even without the zero interest rates and stimulus checks that fueled the original meme boom, today’s strong market and resilient economy are creating conditions ripe for speculation. “This is meme mania 2.0,” said Brent Kochuba of SpotGamma. “Retail energy is back.”

Whether this resurgence leads to long-term change or another burst of internet-fueled hype, one thing is certain: the meme traders are watching — and laughing — as they rewrite the rules of Wall Street, one donut or denim brand at a time.